CBN’s digital currency goes live week earlier

By Ambrose Nnaji

The official website of the upcoming Central Bank of Nigeria’s (CBN) digital currency, the eNaira, has gone live week earlier than the planned launch of the initiative.

The website has already recorded over a million hits barely 24 hours after going live.

The development shows a reflection of the level of interest in the proposed digital currency.

According to report, the website promises easier financial transactions for users of eNaira, offers opportunity for peer-to-peer payments which allows users to send money to one another through a linked bank account or card; allows customers to move money from their bank account to their eNaira wallet with ease; can monitor their eNaira wallet, check balances and view transaction history; and make in-store payment using their eNaira wallet by scanning QR codes.

In addition, customers are allowed to scan the QR Code on the website to get started. CBN Governor, Mr. Godwin Emefiele, while speaking to a gathering of foreign investors in New York, recently, had told the audience that because of activities surrounding the country’s Independence celebration on October 1, the earlier planned launch of the eNaira on same date would likely be rescheduled to October 4, 2021.

“The central bank would not want the event to take the shine away from the Independence celebration,” he said.

“We are going to be the first country in Africa to launch a digital currency. It is a novel idea because we think it will facilitate trade, Nigeria being the biggest economy in Africa, this will set the tone to tell Africa that we are ready to lead and we would indeed lead in trade and we would make sure that happens.

“Between all central bankers in ECOWAS, we are already working on certain collaboration to make trade, payment and banking system integrate in such a way to set example on the African Continental Free Trade Area (AfCFTA),” he added.